24/7 Customer, a $70 million BPO services provider, said that it planned to tap the capital market, but not in the immediate future.
This follows the successful public offering of its peers such as WNS and EXL Services, which went public in the US market.
24/7 Customer, funded by Sequoia Capital and Ram Shriram, expects its topline to hit $100 million by the end of this fianancial year.
"We will certainly go public but not in the immediate future. Going public is a milestone for us and eventually it will happen," S Nagarajan, founder & COO, 24/7Customer, said in Bangalore.
According to analysts, the company will be preparing for the maiden float after the current fianancial year.. It would look at a Nasdaq listing in 2007-08. 24/7Customer has almost doubled its revenues from $39 million during 2004-05 to $70 million in 2005-06.
Sequoia Capital had invested $22 million for around 25 per cent stake, while the promoters along with employees hold the majority stake.
The company currently employs around 7,000 and services around 23 clients from various locations in the country. This is besides one centre each in the Philippines and Guatemala.
It is learnt that the company is in the final stages of deciding on another overseas center, which will be announced by early next quarter.
The company on Friday announced that it has successfully transferred a BPO centre housing 1,600 employees to Aviva on build-operate-transfer basis.
24/7 Customer has also built up a team of 700 people to handle various processes of Aviva.
"This centre is at Chennai and is also under a BOT model, however, with no timeframe fixed as of yet for the transfter. We anticipate growing this centre to 1,600 personnel pretty soon," Nagarajan added, stating the revenue loss from the transfer will be absorbed by this growth.
According to Rajnish Virmani, CEO, Aviva Global Services: "We want to have the best of both worlds. Captives as well as service providers. Ideally, we will balance this ratio at 70:30."